>> Scandals Freeze Legislation on Capitol Hill
>> Tax Reform Options Paper
>> The Next Steps in Tax Reform
Scandals Freeze Legislation on Capitol Hill
Most of official Washington is denouncing the recent revelation that the Tax-Exempt Division of the Internal Revenue Service (IRS) inappropriately flagged conservative political groups for additional scrutiny of their applications for tax-exempt status in the midst of the 2012 election. The optics are awful, even if intentions weren’t. The revelation has created a firestorm here in DC and the President, along with IRS officials, is taking a lot of heat for his Internal Revenue Service.
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Tax Reform Options Paper
As you know, on May 6th the Joint Committee on Taxation (JCT) released its summary
of tax reform options as part of the House Ways and Means Committee’s Tax Reform Working Group process. In a
statement, Chairman Camp said “Over the past two-plus months the Joint Committee on Taxation has worked tirelessly alongside Ways and Means Committee Members of the 11 Tax Reform Working Groups. The release of today’s report reflects the hard work of Members and staff. This document provides an important and comprehensive overview of the tax code, an overview of some of the most commonly referenced previous tax reform proposals and summarizes the views of more than 1,300 submissions offered to the Ways and Means Committee by key stakeholders. The Committee will dig into its details over the coming weeks.”
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The Next Steps in Tax Reform
Both tax-writing committees are continuing to move the ball down the field with respect to tax reform. First off, the two lawmakers leading this effort, Ways and Means Committee Chairman Dave Camp (R-MI) and Senate Finance Committee Chairman Baucus (D-MT), recently launched a web portal
to give taxpayers the opportunity to tell the tax-writers what a modern-day tax code should include (or not include). The Chairmen, “Max and Dave” as they are referring to themselves in this new endeavor, released a statement saying “we are dedicated to writing bills in an open and transparent fashion. No cutting deals behind closed doors. You get a say, employers get a say, and our colleagues — your representatives and senators — will get a say."
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